Gold prices steadied on Tuesday following a near 1% decline as investors awaited U.S. economic data for rate cut indications. Fed chair Jerome Powell expects two rate cuts this year amid geopolitical tensions and ongoing U.S. economic evaluations, with Goldman Sachs raising gold forecasts for 2025.
Dollar firm after Powell pushes back on aggressive easing bets (01-10-2024)
The U.S. dollar rose against major currencies after Federal Reserve Chair Jerome Powell indicated no rush for large rate cuts. The euro remained near a one-week low amid falling German inflation, while Japan’s political shifts and China’s economic stimulus impacted market dynamics.
Nifty Bank, Fin Svcs nearing correction; should you accumulate the dips? (01-10-2024)
The Nifty Bank Index is currently trading at 52,989.70, and the near-term trend appears to be down. However, this correction should be viewed as a healthy pullback within an overall bullish structure
Detention of Sonam Wangchuk, other Ladakhis unacceptable: Rahul Gandhi (01-10-2024)
Leader of Opposition Rahul Gandhi condemned the detention of climate activist Sonam Wangchuk and other Ladakhis, calling it unacceptable. Gandhi stated that Prime Minister Modi needs to heed Ladakh’s voice, likening the situation to the farmers’ protests. Wangchuk and about 120 others were detained while marching for Sixth Schedule status for Ladakh.
Oil steady as prospect of more supply offsets Middle East conflict worries (01-10-2024)
Oil prices remained steady as concerns over the Middle East conflict potentially disrupting exports were balanced by the prospect of additional supply entering the market. Demand growth has been weaker than expected, especially in China. Major producers like OPEC+ are set to increase output by December. U.S. crude stockpiles were expected to have fallen last week.
S&P 500 ekes out record closing high; declines briefly after Powell (01-10-2024)
The S&P 500 reached a record high close, recovering after Fed Chair Powell indicated no rush for more rate cuts. The Dow also hit a peak as all major indexes posted monthly and quarterly gains. Investors’ confidence in the Fed’s outlook remains robust.
Stocks To Watch: Airtel, Blue Dart, Indian Oil, Bajaj Auto, Tata Power (01-10-2024)
Stocks to watch today: Blue Dart Express announced a price increase of 9-12 per cent for shipments starting January 1, 2025.